Creditors Voluntary Liquidation
- A Creditors Voluntary Liquidation (CVL) is a quick and controlled procedure to close an insolvent business and wind up its affairs.
- When a business has run out of cash, has few assets and can no longer pay creditors on the contractual due date, it is important that the directors obtain specialist advice and that they act in the best interests of the company and its creditors.
- MGA will provide directors with the advice they need to:
–Assess if the business has a viable future; and if not
–To appropriately preserve the business while instigating the right processes to close the company and wind up its affairs.
- MGA has experienced staff dedicated to advise and help employees affected by the closure of a business assisting them to ascertain their entitlements, to claim their unpaid wages, accrued holiday pay, payment in lieu of notice and redundancy pay from the Government’s Redundancy Payments Service.
- MGA’s fees are tailored to suit the company’s needs and will usually be charged to and payable by the business rather than the directors personally. We will always be able to give you a clear estimate after your initial free meeting.
How else does MGA help?
- MGA will advise on all the regulatory steps to be carefully carried out to wind up a company, and advise the directors what information they must prepare for the statutory meetings of shareholders and creditors.
- MGA will assist the directors to fulfil their responsibility and to present the information they source for the meetings; and
- Support the director nominated by the Board to be chairman of the meetings, to make the presentation and to show him how to manage the meetings.
- MGA will guide the directors on the correct procedure to be instigated should they wish to buy back the business.